Micro-investing platform Dvdendo has closed its Series A round on $3.25m, to support launch in Latin America.
Mexico-based VC firm DILA Capital led the round, with participation from existing investor Ideas & Capital and other private backers.
Launched in 2017, the company aims to promote, and support investing in the Hispanic community and help them improve their finances and financial planning. The mobile app enables consumers to start investing and building a portfolio from a minimum $5.
Funds will automatically be invested into a diverse portfolio of stocks and bonds and users can deposit or withdraw funds whenever they wish. Users can also choose to automatically invest the spare change from payments through their cards.
Capital from the round will be used to support the expansion of its sales and marketing efforts to the US Hispanic market. Alongside this, the company will roll out its platform in Latin America and launch a financial education platform later in the year.
According to the company, Latin America provides an opportunity to support a large pool of neglected consumers with access to investing and financial planning, due to limited services currently available.
Dvdendo CEO Gabriel Montoya said, “In the past year, we experienced overwhelming growth as Hispanics living in the U.S., who have been traditionally underserved, have taken an interest in investing and, today, they can access an investment solution that allows them to take control of their financial planning in their own language, in an easy and automated way.
“We’re thrilled to have secured this investment to pursue new opportunities and engage and empower more people, while also dedicating our efforts to bringing our investment platform to Latin America, fostering financial education and building better attitudes towards personal finances across the Americas.”
Last week, fellow online alternative investments platform Rally Rd picked up a $7m Series A round to support the addition of new features.
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